If you're in the life insurance industry, you are familiar with life insurance quoting software. These programs show agents quotes and policies immediately, so you don't have to hesitate when a client asks, "How much is a policy going to cost me?" These tools have become vital for streamlining the customer journey and boosting overall satisfaction.
We'll show you exactly how to use your life insurance quoting software to provide potential clients with information quickly. Plus, we'll share tips to speed up your workflow without sacrificing quality.
If you're ready to upgrade your process, book a demo with Hooked today. We'll show you exactly how Hooked seamlessly integrates into your existing workflow.
What is Life Insurance Quoting Software?
Life insurance quoting software is an interface that asks several questions to determine the best policy for your client. Because life insurance brokerages provide quotes across several life insurance companies, quoting software must consider every option your brokerage provides.
However, it can't just provide one option. The appeal of life insurance quoting software is that it offers a variety of options with different benefits. That way, the insurance agent can determine which policy works with the client's specific circumstances.
Why is Life Insurance Quoting Software Important for Insurance Brokerages?
Integrating life insurance quoting software into your brokerage equips agents with a complete overview of every policy option available to your clients. These platforms give agents a clear baseline to present to clients, accelerating the policy acquisition process when interfacing with insurance carriers.
Without life insurance quoting software, insurance agents would have to memorize every policy and their minute differences or rely on physical copies. That's why this has become an essential tool for an insurance agent's workforce engagement.
How to Use Your Life Insurance Quoting Software
Using your life insurance quoting software should be simple. Once you have the information, input it directly into the software, and it will display the best life insurance options for your situation.
The best way to get information to your quoting software is with a direct integration with your CRM. However, if you can't integrate the systems, you must ask these questions and input them into the quoting software:
What Questions Should You Ask?
Understanding which questions to ask can guide your conversations and help you estimate their policy premiums. Here are the questions you should be asking:
- What is your age, height, weight, and build?
- Which medications are you taking and why?
- Have you been hospitalized within the last two years? What for?
- Do you consume tobacco in any form?
- Have you had any health declines in the past? How long ago?
Insurance companies designed these questions to give their clients the best quotes based on their specific situation. However, remember these are estimates, and rates can change based on other factors.
Reading Through a Carrier's Underwriting Guidelines
Life insurance companies have different underwriting guidelines that can hinder a client's ability to receive a policy. For each insurance company, your agents should understand what could disqualify clients for life insurance coverage. For example, tobacco use could disqualify someone from cheaper policies or the policy altogether.
That is a lot of information to memorize, which is why we suggest using an AI assistant. With an AI assistant, you can upload each life insurance company's underwriting guidelines and flag potential disputes before signing up a client for a policy. This powerful tool allows agents to provide the most accurate information.
Final Expense Life Insurance & Quoting Software
Final expense life insurance is a life insurance variant that focuses on end-of-life expenses such as burial and remaining debts. Because of their specialty, these policies are typically guaranteed acceptance, meaning clients can get a policy regardless of their medical status.
However, guaranteed acceptance policies usually have a two-year waiting period, which prevents clients from receiving full policy benefits until two years pass. Medical history and age also hold more weight in a client's monthly premiums.
Your life insurance quoting software should take all the information and provide your client's best options, no matter the circumstances.
Common Underwriting Mistakes
One of the biggest underwriting mistakes is not getting clear answers from your clients. Each piece of information is vital to present the best possible policy, so when questioning your clients, you need clear answers that define their medical status.
For insurance brokerages, agents should choose the best policy for their client over the one they prefer. This builds legitimacy within your company and ensures that you are dedicated to the customer experience over sales.
Finally, always follow the rules dictated by life insurance companies and the brokerage you work for. Adhering to these guidelines protects you from legal liability and prevents violations of established regulations.
CRM & Life Insurance Quoting Software Integrations
When choosing life insurance quoting software, find one that integrates with your CRM. Agents waste time moving information from their life insurance quoting software to their CRM and vice versa. With an integrated system, you won't have to switch between screens or miss any context.
At Hooked, we recommend choosing a CRM system with built-in life insurance quoting software, so you don't have to search for compatible software. It also means the systems were built for each other.
If you can't find life insurance quoting software that integrates with your CRM, then it might be time to reconsider parts of your workflow.
How Hooked Works as Your Life Insurance Quoting Software
Hooked is the perfect CRM system for your life insurance brokerage. Our CRM has built-in life insurance quoting software and combines AI assistant features with your dialing and SMS tools, creating a one-of-a-kind, seamless experience for your employees and customers.
By simply having a conversation, the AI assistant can immediately pull the insurance products available to your client. No switching between programs, asking your customer to wait for the information to populate, or manually filling out your CRM.
If you're ready to upgrade your process, book a demo with us today. One of our representatives is ready to walk you through your workflow and improve your sales.
